Budget 2024: Gold, Silver Get Custom Duty Cut; Precious Metals Become Cheaper

Union Finance Minister Nirmala Sitharaman today announced to slash basic customs duty on Gold and Silver. The basic customs duty (BCD) on gold has been reduced to 6% from 10%. The move is likely to ease gold and silver prices in the coming days.

"To enhance domestic value addition in gold and precious metal jewellery in the country, I propose to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent. Additionally, since other metals like steel and copper are important raw materials, customs duties on these will be also reduced to support production..." said Union Finance Minister Nirmala Sitharaman.

Major announcements regarding gold and silver:

* The basic customs duty on gold and silver has been reduced by 4%.
* The basic customs duty on gold and silver has been reduced from 10% to 6%.
* Including the agricultural cess, the total duty has decreased from 15% to 11%.

Following the budget announcement, the price of gold dropped by approximately Rs 2,000 per 10 grams, and the price of silver fell by more than Rs 3,000 per kg.